High levels of debt- need to consolidate

sourcrates

Hi,

In about a couple of years time, when your debt has reached around 50k,

come back, and we'll have that talk that you don't think is nessessary today.

I'll speak to you then.

Upsidedown_Bear

sourcrates wrote: »

Hi,

In about a couple of years time, when your debt has reached around 30k,

come back, and we'll have that talk that you don't think is nessessary today.

I'll speak to you then.

It's already more than that. £22K cards/loans plus £17K on a car.

OP - listen to what people are saying here. They knew what they are talking about.

AnotherJoe

Matt201626 wrote: »

Hi,

Would really appreciate your advice or help!

I am 27 and I earn a decent income, unfortunately due to debts that have risen over the years through balance transfers and consolidation they have gone higher. I have 22k in

Each month I go into my overdraft by about 300 and spend some more on my credit card. I have started to learn more about budgeting and I am slowly getting there. However, I need to consolidate this all into one payment over 4 years but struggling to find anyone to lend to me.

Is it not obvious why ? You've already said that due to consolidation your debts have risen !! And here you are trying it again.



Do you think I should wait a few months and get the debt down more and try again for a loan with a bank or something? Really want to get this under control but with the several payments I am finding it difficult.

I think you should wait a few months and get the debt down more.
Then do that again.
And again.

To say several payments makes it difficult (compared to one presumably) is, frankly, pathetic. Do you even believe that yourself ??? You know the dates, set some standing orders up.

Pixie5740

OP you do not need to consolidate and by the sounds of things no lender wants to touch you with a 10' bargepole anyway. You might not want to enter into something such as a Debt Management Plan but if you genuinely cannot make ends meet then I think you will need to reconsider your stance.

If you could find a lender (which you won't be able to) willing to give you a consolidation loan then that £600-£700 pcm for 3 years wouldn't be enough to cover your loans and credit cards never mind your car finance as well. Not that consolidation seems to have worked for you in the past so God knows why you think it will work this time round.

Put together an honest statement of affairs and get yourself over the Debt Free Wannabe board. You will not be able to borrow your way out of this mess.

-taff

Use this and see what happens when you play with the figures.

On a take hme pay of that unless you are paying exorbitantly for rent/mortgage, it's doable. But you're going to have to cut back in area you have previously not cut back in otherwise you wouldn't be in this situation now.
http://www.whatsthecost.com/snowball.aspx


Consolidation is not going to work - as above - if you've already tried and failed, how will you avoid the same traps again?

You're spending more than you earn, you need to stop. Cut up your credit cards, if you haven't got the, you can't spend on them and you're forced to budget smarter.

Go to the debt free wannabe board.

The_Debt_Expert

Agree with the other posts - consolidation rarely works and usually ends up in more debt.

What's your main concern about your credit rating being affected? It's usually not as bad as it seems.

MrsTinks

Matt201626 wrote: »

Would really appreciate your advice or help!

OK... Don't consolidate. Seriously... it rarely works and people end up in more debt... see below:

Matt201626 wrote: »

unfortunately due to debts that have risen over the years through balance transfers and consolidation they have gone higher.

Kind of like that poster just there... happens all the time... they look kind of familiar though?

Matt201626 wrote: »

I need to consolidate this all into one payment over 4 years but struggling to find anyone to lend to me.

Well yes... you've consolidated, then increased your debt, then consolidated and then increased your debt. You're now a pretty high risk as you're struggling to afford your level of debt. Most lenders can do the maths and see that you're not likely to repay this debt indefinitely so won't make more available to you.

Matt201626 wrote: »

How can I sort this and consolidate?

You can sort this by dealing with it properly and not borrowing your way out of the situation. I'm going to be super harsh now but I think you need it: You need to grow up and take responsibility. You're earning a solid salary, but you're not budgeting or dealing with your existing debts.

Start with using the SOA calculator - post it up and we'll tell you where you can cut back and how to best address your debts.

You want a mortgage but unless you deal with your debts then no mortgage provide will ever give you one. They look at annoying things like income and expenditure, affordability and debts as well as future likely events.

So stop trying to find an easy way out - you've proven it doesn't work before which is why you have the level of debt you do. There is one way to fix it and it's by facing up to it properly and in an organised budget which you need to follow.

DCFC79

How much is the car costing you each month in petrol and other costs ?

That's a chunk of your money going towards the car.

zippygeorgeandben

OP - take a look at the advice i received my thread. it has please advise in the title

20aday

What's the APR on your MBNA card Matt? And the APR on your Barclaycard?

Whichever one is the highest of those two is the one you need to clear first. Throw as much money as you can at it to bring the balance down-and the other card? Make the minimum payment plus £1.

Is there anything at all you can sell to chip away at the debt(s)?

Don't know where you do your food shopping but I'd try going down a level when you're out and about i.e. swap Brand A for Brand B/Brand C. Use petrolprices.com to find where your cheapest fuel is locally.